Foreign Earnings
The most frequently asked tax questions related to Foreign Earnings
For Tax Payers
Need professional help with a specific tax issue or have general tax questions? Ask a CPA is the easiest way to get advice from a licensed accountant in our network.
Ask a Tax QuestionFor Accountants
Provide answers to tax questions and introduce your practice to new potential clients. Build your CPAdirectory profile and earn reputation points.
Answer Tax QuestionsForeign Earned Income Deduction - 2014
Asked Wednesday, January 15, 2014 by an anonymous user
The foreign earned income deduction rises to $99,200, an increase of $1,600 from the maximum deduction for tax year 2013 of $97,600.
Foreign Earned Income Deduction - 2013
Asked Thursday, April 05, 2012 by an anonymous user
The foreign earned income deduction rises to $97,600, an increase of $2,500 from the maximum deduction for tax year 2012.
How much income earned abroad can be excluded ?
Asked Tuesday, January 02, 2001 by an anonymous user
For Americans working abroad, the first $97,600 of their current year foreign earnings will be exempt from U.S. income tax,
How much money can I bring into the U.S. from a foreign country ?
Asked Friday, December 22, 2000 by an anonymous user
There is no limit, and it is not illegal to bring in or take out any amount of money or monetary instruments from or to the United States. Examples of monetary instruments include U.S. or foreign coin in current circulation, travelers checks, currency, money orders and negotiable instruments or investment securities in bearer form. However, if you take out or bring in more than $10,000 you must file IRS Form 4790, the Report of International Transportation of Currency or Monetary Instruments with US Customs. Failure to comply can result in criminal, civil forfeiture penalties.
How much money can I take out of the U.S. ?
Asked Tuesday, October 24, 2000 by an anonymous user
There is no limit, and it is not illegal to take out or bring in any amount of money or monetary instruments from or to the United States. Examples of monetary instruments include U.S. or foreign coins in current circulation, traveler's checks, currency, money orders and negotiable instruments or investment securities in bearer form. However, if you take out or bring in more than $10,000, you must file IRS Form 4790, the "Report of International Transportation of Currency or Monetary Instruments" with US Customs. Failure to comply can result in criminal, civil forfeiture penalties.
